Although the legal and regulatory frameworks governing wholesale financial markets in the E.U. and the U.K. are highly developed and robust, an element of legal uncertainty is inevitable in such international, competitive and innovative spheres. New practices frequently give rise to uncertainties as to the application of existing laws or regulations. Proposals for new laws or regulations—whether as part of domestic or international initiatives—can give rise to uncertainties or misunderstandings when specific features of wholesale markets practice have not been fully or accurately considered in the drafting by a legislator or other public authority.
The FMLC will outline such issues in an objective publication, and raise its profile with representatives of the authorities (HM Government, European and/or international authorities) best positioned to assess the recommended suggestions in order to clarify the laws or regulations in question.
Open issues of legal uncertainty on which the Financial Markets Law Committee has resolved to undertake further work are described below. Active projects may be completed with the help of a Working Group, comprising legal experts (solicitors, barristers, in-house counsel at financial institutions, academics and members of the judiciary), or led by a member of the Secretariat.
To enquire about contributing to a project, please get in touch.